100 sats \ 1 reply \ @DeltaClimbs OP 8 Jun 2023 \ on: Rumors Prime Trust is collapsing, Swan withdrawals frozen? bitcoin
Oh, I just remembered this morning... I recall hearing a year or two ago about Swan being Prime Trust's biggest customer by a long shot, like >50% (don't quote me on it though, could be wrong), and even though Prime lists big customers, they offer broad services so Binance US etc likely just getting something a la carte. Swan realizing they need to move and then pulling the plug in this environment makes it seem likely they won't survive.
A tweet I saw showed Fortress CEO is original Prime CEO so that doesn't seem promising.
Binance is Prime's biggest customer if you're talking dollar volumes. Also, when Scott Purcell left Prime 2 years ago, he says the company was profitable and properly diversified.
He made the statement on his LinkedIn about Fortress Trust, of which Albert Forkner (former Wyoming State banking commissioner) is the CEO:
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